Miranda’s Weekly Mex FinTech Monitor
July 31, 2023
Mexico FinTech News
Oxxo and Walmart focus on the unbanked
Femsa, the owner of the Oxxo convenience store chain, reported that during the second quarter of 2023, its digital wallet Spin had reached 5.7mn million active users. Further justifying its role as a financial player, Femsa estimates that Oxxo already houses 40% of ATMs located outside of a bank branch. Walmart de México, likewise, reported in its quarterly earnings call that its recent acquisition Trafalgar, a digital wallet, would be rebranded as the Cartera Digital Walmart and allow users to top-up phone plans, request loans, and send and receive money. Both are betting on creating a virtuous cycle in which consumers use the company’s financial services to purchase goods and services from their stores.
El Economista, 07/29/2023, Staff: Walmart y Oxxo van por los olvidados de la banca
El Financiero, 07/27/2023, Staff: Oxxo, deja algo para los demás: Concentra 40% de cajeros que no están en bancos
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